ICICI Prudential AMC: Analyst Sees Target Price of Rs 3800

ICICI Prudential AMC Posts Strong Quarterly Results

ICICI Prudential AMC Limited reported a revenue of ₹15,170 million for the quarter ended March 2026, marking a 19.5% year-on-year increase from ₹12,692 million in the same quarter last year. On a quarterly basis, the company's revenue remained flat, with a growth of 0.2%. For the fiscal year 2026, the company reported a revenue of ₹57,646 million, a growth of 23% year-on-year.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹11,600 million, while its profit after tax (PAT) was ₹7,634 million for the quarter ended March 2026. EBITDA rose 29.7% year-on-year, while PAT increased by 10.4% over the same period. For FY26, EBITDA stood at ₹42,938 million and PAT at ₹32,982 million, reflecting growth of 28.6% and 24.4%, respectively.

ICICI Prudential AMC's EBITDA margin stood at 76.5% and its PAT margin at 50.3% in Q4 FY26, up from 70.5% and 54.5%, respectively, in the same quarter last year. For FY26, the company's EBITDA margin stood at 74.5% and PAT margin at 57.2%, compared to 71.3% and 56.6%, respectively, in the corresponding period of the previous year.

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The company delivered a steady performance during the quarter, recording AUM growth across most categories along with a gain in market share, despite a relatively weak market environment. ICICI Prudential AMC Limited retained its position as the second-largest asset management company, with an overall mutual fund QAAUM market share of 13.5% as of Q4 FY26, and a 14.2% share in equity and equity-oriented schemes. The company also expects incremental revenue contributions from emerging segments such as SIFs and ICICI Venture Limited.

The company has reiterated its Buy rating on the stock, with a revised target price of ₹3,800 per share.